President Obama promised the tool during Tuesday's State of the Union speech.

On the website, potential students and their parents can see a typical student's out-of-pocket costs, as well as what percentage of students graduate.

The searchable database also lets students compare the rates at which graduates default on their student loans against the national average of 13 percent, and how much the typical student pays each month in student loans.In coming years, the site promises data on how much graduates earn.